Negotiating reinsurance for a risk

ABSTRACT

System, methods, and computer program products for facilitating negotiations for reinsurance of a risk. The negotiations for reinsurance of a risk are conducted between a cedent and one to many assumers. An interface is provided for allowing submissions of risk for reinsurance, responses from selected assumers, and replies to the responses as necessary to continue or conclude the negotiation. The interface also allows users to view information exchanged during various stages of the negotiation. Additional functionality including categorizing risk, categorizing reinsurance, required distribution, distribution preferences, and endorsement agreements are also provided.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.10/029,464, filed Dec. 20, 2001, now U.S. Pat. No. 7,333,940 entitled“Systems and Methods for Negotiating Reinsurance for a Risk”, whichclaims the benefit and priority of both U.S. Provisional Application No.60/257,500, filed Dec. 21, 2000, entitled “Systems and Methods forBinding a Risk”, as well as U.S. Provisional Application No. 60/324,784,filed Sep. 25, 2001, entitled “Method and System for Binding a Risk.”The present application also claims the benefit and priority of theforegoing provisional applications, which are both incorporated hereinby reference.

BACKGROUND OF THE INVENTION

1. The Field of the Invention

The present invention relates to negotiating and binding reinsurance ofinsurance risks. More particularly, the present invention relates tosystems, methods, and computer program products for facilitating thenegotiation of reinsurance for insurance risks.

2. Background and Related Art

The process of transferring a risk from one insurance company to anotheris referred to as reinsurance. An insurance underwriter or anotherrepresentative of an insurance company who holds a risk is called acedent. An intermediary for an insurance company who acquiresreinsurance of risks for insurance companies is called a broker. In areinsurance negotiation a cedent or broker provides information to areinsurance company, underwriter employed by a reinsurance company, or abroker representing the reinsurance company. The reinsurance company orunderwriter is called an assumer. The assumer will typically review theinformation and may discuss it with the cedent or broker to furtherassess the magnitude of the risk.

The parties will negotiate terms under which the assumer will beprepared to assume all or a portion of the risk in exchange for apremium. During the reinsurance negotiation, the parties will useanalysis of the risk and relevant experience in the field to determinethe terms of the reinsurance. The exchange of negotiation informationcan be facilitated by many methods including email, fax transmission,courier package, postal service, by hand, telephone, orvideo-conference. Various forms might be used to collect the informationin a structured format and to indicate typical questions used tofacilitate analysis of the potential risk. The information can bepresented in many forms including diagrams, presentations, financialinformation, contracts, summaries, descriptions, photographs, and/orconversations. Negotiations can be conducted during an abbreviated orextended time period and can involve multiple parties in close ordistant geographic proximity to one another.

Due to differences with which different cedents, brokers, and assumersorganize and present reinsurance and risk information, there is a lackof conformity in the way negotiations are handled. This leads tonegotiation information that is unstructured and difficult toefficiently access and review. Because those involved in the negotiationand placement of reinsurance risks use substantially varied businesspractices, the lack of uniformity of risk information, reinsuranceinformation, and negotiation information can make accessing and managingthe information difficult.

There is an ever present need for reinsurance as a means of spreadingrisk across insurance and reinsurance companies and for allowingreinsurance products to be made available in a form that cedents andassumers find useful. Accordingly there is a need for facilitating thesharing of information between a cedent, a broker, and an assumer;negotiating terms and conditions for the reinsurance; managing ofinformation; and binding and subsequently endorsing policies forreinsurance.

SUMMARY OF THE INVENTION

The present invention allows users to conduct reinsurance negotiations,view the stages of the negotiation and the information exchanged duringthe stages of the negotiation, and facilitate the negotiations betweencedents, brokers, and assumers. A cedent or broker makes a submission ofa risk for reinsurance to one or more assumers or brokers of reinsurancerisk. The submission includes a classification and description of therisk, the type of reinsurance requested, and a distribution preferenceslist. The distribution preferences list can include both assumers andbrokers to whom the submission should be conveyed and assumers andbrokers to whom the submission can be, but is not required to be,conveyed. Even though the distribution preferences list is used increating or generating the submission, the distribution preferences listis not typically submitted to the assumers and brokers included in thedistribution preferences list.

Each assumer or broker that receives a submission from a cedent canprovide a response to that submission in accordance with the presentinvention. Exemplary responses include, but are not limited to, anoffer, a counteroffer, a quote, a plurality of alternative quotes, arequest for additional information, a refusal to quote, a refusal of acounteroffer, or an acceptance to bind the risk.

The cedent or broker then replies to the response(s) received from theassumer(s) or broker(s). Exemplary replies include, but are not limitedto, a resubmission of the risk for reinsurance, an acceptance of aquote, a submission of additional information, a request to bind a risk,a counteroffer, a refusal of a quote, or an offer. The cedent/broker andone or more assumers continue with responses and replies as necessary tocontinue or complete the negotiation.

During the negotiation, the submission, responses, and replies aremonitored and stored on a host server and/or by the cedent, broker, orassumer. An interface for the cedents, assumers, and brokers allows themto respectively input submissions, responses, and replies and to viewprevious submission, responses, and replies and the associatedinformation exchanged during each stage of the negotiation.

Additional features and advantages of the invention will be set forth inthe description which follows, and in part will be obvious from thedescription, or may be learned by the practice of the invention. Thefeatures and advantages of the invention may be realized and obtained bymeans of the instruments and combinations particularly pointed out inthe appended claims. These and other features of the present inventionwill become more fully apparent from the following description andappended claims, or may be learned by the practice of the invention asset forth hereinafter.

BRIEF DESCRIPTION OF THE DRAWINGS

In order to describe the manner in which the above-recited and otheradvantages and features of the invention can be obtained, a moreparticular description of the invention briefly described above will berendered by reference to specific embodiments thereof which areillustrated in the appended drawings. Understanding that these drawingsdepict only typical embodiments of the invention and are not thereforeto be considered to be limiting of its scope, the invention will bedescribed and explained with additional specificity and detail throughthe use of the accompanying drawings in which:

FIG. 1 illustrates an exemplary system that includes a cedent, anassumer, a host system, and optional brokers;

FIG. 2 is a schematic diagram of a negotiation for the reinsurance of arisk;

FIG. 3 is a schematic diagram of alternative example of negotiatingreinsurance of a risk;

FIG. 4 is a block diagram illustrating the logic of a negotiation forreinsurance of a risk;

FIG. 5 illustrates various conditions associated with a negotiation forreinsurance of a risk;

FIG. 6 illustrates a submission interface for making a submission of arisk for reinsurance;

FIG. 7 illustrates a negotiation interface of the present invention forproviding access to negotiation related information;

FIG. 8 illustrates a negotiation detail interface for facilitatingreinsurance negotiations by allowing users to access negotiationinformation and by further allowing users to submit replies andresponses to continue or conclude the negotiation; and

FIG. 9 illustrates an exemplary system that provides a suitableoperating environment for the present invention.

DETAILED DESCRIPTION OF THE INVENTION

The present invention extends to systems, methods, and computer programproducts for facilitating the negotiation of reinsurance for insurancerisks. The embodiments of the present invention may comprise a specialpurpose or general-purpose computer including various computer hardware,as discussed in greater detail below.

With reference now to FIG. 1, there is shown an exemplary system inwhich a negotiation for reinsurance is conducted. The illustrated systemincludes a cedent 10, assumers 20, optional brokers 30 and 50, and ahost system 40. The cedent 10 is often an insurance underwriter oranother representative of an insurance company who holds a risk. Therisk is typically a policy or other embodiment of insurance for a riskthat the insurance company or other entity has assumed. The cedent 10negotiates directly or indirectly, through one or more brokers, with theassumer 20 for reinsurance of the risk.

The assumers 20 are, for example, a reinsurance company or underwriterwho assumes insurance risk. The assumers 20 will engage directly orindirectly with the cedent 10 in negotiations for the reinsurance. Thebrokers 30 and 50 are optional parties to reinsurance negotiations whorepresent either the cedent 10 or the assumer 20 in the reinsurancenegotiation. While the brokers 30 and 50 can be an optional party toreinsurance negotiations, for the sake of simplicity negotiations willbe discussed primarily with reference to cedents 10 and assumers 20. Itis understood that negotiations between cedents 10 and assumers 20 canoptionally be conducted through one or more broker intermediaries 30and/or 50.

In the present invention the host system 40 receives and conveysinformation exchanged as part of the negotiation. The host system 40thus can monitor information exchanged during various stages of thereinsurance negotiation. By utilizing a host system 40, the presentinvention enables the users to view information exchanged at variousstages of the negotiation and facilitates the negotiation by allowingthe users to provide responses and replies to continue or conclude thenegotiation. The cedent, broker, and assumers can convey information tothe host system 40 over a network system such as an intranet, Internet,world wide web, or other network system. The host system 40 includes aninterface for the cedent 10, assumers 20, and the brokers 30 and 50 suchthat the negotiations can be accessed and information input as part of asubmission, response, or reply. The interface and the associatedinformation can be accessed from one or more client systems usingstandard Internet protocols, for example. The information can be inpututilizing templates associated with the host system's interface.

In the illustrated embodiment, an application programming interface(API) 42 is also included in the host system 40. The API 42 allowsinformation contained in, for example, an extensible markup language(xml) message to be automatically input in the host system in a desiredformat. By utilizing the API 42 and xml technology (or other compatibletechnology that facilitates data transfer between an application and thehost system), policy, underwriter, and reinsurance information can beinput into the system without manual input of the same information by auser into templates of the user interface. In other words, the APIallows an application to interface with the host system 40 . . . . Inthis example, the API 42 is accessible to an application 22 that isassociated with the assumer 20. Any application of the assumer 20 canuse the API 42 to access the host system. In a similar manner, cedentsand brokers also have access to an API that permit their applications toaccess the host system. In one example, this permits a cedent or anassumer to more easily share reinsurance data with other systems. Forexample, an assumer may use the API to retrieve reinsurance data that isprovided to an accounting system of the assumer.

With reference to FIG. 2, the information included in a submission isinitially collected in a series of templates displayed within, forexample, an Internet browser or an API as discussed with reference toFIG. 1. The collected information allows the user to describe the originof the risk. The risk may be, for example, a physical property or somerisk arising from an activity or legal requirement, or in some otherform such as a person's life. The submission also describes the risk interms of a class of insurance and a form of contract that has beenprovided by an insurance or reinsurance company.

In the embodiment utilizing templates, information is also inputregarding the type of reinsurance being sought as a means oftransferring some or all of this risk from an insurance company to areinsurance company. In this embodiment, certain information isdescribed as “unstructured information” and some is described as“structured data”. In most cases the “unstructured information” is inputinto fields within the templates that allow text including more thanseveral hundred characters to be input while “structured data” is inputinto fields that are formatted to receive numerical input or which arelabeled in such a way as to specifically describe the nature of theinformation that will be input.

In this embodiment the initial information collection that creates a setof information referred to as the risk record or submission is completedin four steps. In this example the steps have been chosen to help theuser input policy, underwriting, and reinsurance information intotemplates that are reasonably sized relative to the size of a computerscreen that might typically be used by the person inputting informationand data. Policy information includes, but is not limited to, the holderof the policy, the issuer of the policy, the terms of the policy, theeffective date of the policy, and exclusions. Underwriting informationincludes, but is not limited to, value of the policy, the value beinginsured, the address of the insured risk, past claims experience, andother relevant risk related information. The reinsurance informationincludes, but is not limited to, proposed terms of the reinsurance,whether reinsurance follows the fortunes of the original insurance,whether reinsurance covers only a subset of the coverage provided by theoriginal insurance, period of the reinsurance, the amount to bereinsured, the rates for the reinsurance, and any other reinsurancerelated information. The data input to the templates is recorded in adatabase where it is held in tables where a relationship exists betweenthe fields used for input and specific tables within the database. Atany time during the process of inputting information, the user may causethe information to be saved as a draft record. In addition to providingtemplates for input there are also steps in this embodiment that displaythe names and other details of companies or individuals to whomnotification might be sent regarding the location of the risk record.This selection is made by the user from a list of companies orindividuals and a summary is provided allowing the user to check theselection before notifications are sent.

In addition to information being input to certain templates during thecreation of the submission, a user can attach files of various typesthat will also be saved in the database and associated with specificparts of the risk record. In one embodiment, an attachment is enabled bya user clicking a button displayed on an html page and indicating thatit is for the purpose of attaching a file or fax. In the event that afile is selected as the preferred attachment, a new page appears andallows the user to select an electronic file from some directory oneither their local or network source. Once such a file has beenselected, the user can provide a description of the file and the filename and that description will be displayed on the data input orsubmission. If a fax attachment is preferred, the user will be presentedwith a page containing a unique reference that can be printed and faxedtogether with additional pages of information. These pages will bereceived by a fax service and attached to the appropriate risk record asan image file based on the unique reference generated for the fax coversheet. These attachments will be viewable by the parties to whom therisk record is submitted as well as by the originator.

One aspect of the present invention is the use of notification inaddition to notification through information displayed on a unique “homepage” available to each user on the host system. One exemplaryembodiment of notification, is that an email is created by the presentinvention according to specific rules and is sent to the email addressof the selected user (cedent, broker, or assumer). A URL (UniversalResource Locator) is included within the body of the email and enablesthe user to securely link to the present invention using a connection tothe Internet and view current information regarding the risk that is thesubject of the request for reinsurance.

An important aspect of the present invention is that a user who isrepresenting an insurance company can chose to submit a request forreinsurance to one or more assumers or brokers. Each assumer or otherintermediary will be able to view the risk record originally submittedbut their responses will create unique threads of negotiation asdescribed below.

According to the present invention, a user may view summary informationregarding the requests for reinsurance that they have originated orreceived. The cedent and assumer or broker homepage, stored by the hostsystem, include information collected into several groups helping theuser to understand the status of each transaction and enabling the userto link to more detailed information as necessary. These pages are drawnby the application in such a way that the information displayed is thatmost recently saved to the database relating to records or submissionsthat have either been originated by or notified to the user. Changesthat have occurred since the last viewing of the information may bedisplayed in a different color or identified in another way.

With further reference now to FIG. 2 there is shown a schematic diagramof a negotiation for reinsurance of a risk between a cedent or brokerand at least one assumer. In the negotiation, a cedent 55 negotiateswith a first assumer 62, a second assumer 64, and a third assumer 66.FIG. 2 further illustrates that the cedent can negotiate with eachassumer independently of the other assumers that receive the submissionfrom the cedent. Each assumer may be unaware both of whether the cedentis negotiating with other assumers and of the details of thenegotiations with those assumers.

In the first stage of negotiations 60 the cedent 55 makes a submissionof a risk for reinsurance 61 to the first assumer 62, the second assumer64, and the third assumer 66. The submission for the reinsurance of therisk comprises policy information relating to the initial insurance ofthe risk provided by the cedent and of information relating to the typeof reinsurance being sought. By submitting the policy information andreinsurance information, assumers identify the risk for whichreinsurance is sought and the type of reinsurance perils the cedentwishes to have assumed. From the submission the assumers determinewhether they are interested in entering negotiations for the reinsuranceof the risk submitted by the cedent.

In the second stage of negotiations 70, the assumers provide responsesto the submission. The first assumer 62 responds with an offer 72.Similarly, the second assumer 64 responds with an offer 74. The thirdassumer 66 also responds with an offer 76. While the schematicillustrates the responses from the first assumer 62, the second assumer64, and the third assumer 66 as being offers, the responses are neitheruniform nor limited to offers. Other potential responses include, butare not limited to, quotes, a plurality of alternative quotes, requestsfor additional information, refusals to quote, or acceptances of arequest to bind.

In the third stage of the negotiations 80, the cedent 55 provides areply to each of the offers received from the assumers. The cedent 55replies with a counteroffer 82 to the first assumer 62. Similarly, thecedent 55 replies with a counteroffer 84 to the second assumer 64. Thecedent 55 also replies with a counteroffer 86 to the third assumer. Thepotential replies to the responses from the assumers are not limited tocounteroffers. The replies can also include, but are not limited to,resubmission of the risk for reinsurance, an acceptance of a quote,additional information, a request to bind a risk, a counteroffer, arefusal of a quote, or an offer.

The assumers 62, 64, and 66 provide responses to the counteroffers 82,84, and 86 from the cedent 55. The response from the first assumer 62 isa refusal of the counteroffer 83. In the negotiation, the refusal of thecounteroffer 83 results in a termination of the negotiation with thefirst assumer 62. While the refusal of the counteroffer 83 results in atermination of the negotiation, this will not always be the case. Thecedent 55 can resubmit the risk for reconsideration by the assumer. Theassumer can then determine whether to re-enter negotiations forreinsurance of the risk.

The response from the second assumer 64 is a counteroffer 85. Theresponse from the third assumer 66 is also a counteroffer 87. Theresponses from the assumers are not limited to counteroffers or refusalof the counteroffers. The responses can also include, but are notlimited to, new offers, requotes, a plurality of alternative quotes, andrequests for additional information.

In the fourth stage of negotiations 90 the cedent 55 replies only to thecounteroffers of the second assumer 64 and the third assumer 66. Thereply of the cedent 55 to the second assumer is a counteroffer 94. Thereply of the cedent 55 to the third assumer is a refusal of thecounteroffer 96. The refusal of the counteroffer 96 results in atermination of the negotiation with the third assumer 66. While therefusal of the counteroffer 96 results in a termination of thenegotiation with the third assumer 66, this will not always be the case.Upon receiving a refusal of the counteroffer, the assumer can respondwith a new offer, or requote to the cedent 55. The cedent can thendetermine whether to re-enter or resume negotiations for reinsurance ofthe risk with the assumer.

In the concluding stage of negotiations 100 the cedent 55 provides areply to the counteroffer 95 of the second assumer 64. The reply of thecedent 55 is an acceptance of the counteroffer 98. The reply of thecedent in the concluding stage of the negotiation is not limited toacceptance of the counteroffer. The potential replies can also include,but are not limited to, an acceptance of a quote, a request to bind therisk, a counteroffer, or a refusal of a quote. In the illustratedembodiment, acceptance of the counteroffer is sufficient to conclude thenegotiation. In an alternative embodiment of the present invention oncethere is an acceptance of the terms the cedent must additionally make arequest to bind the risk. The assumer must then accept the request tobind. The acceptance of the request to bind results in a final agreementfor reinsurance of a risk.

As will be understood by those skilled in the art, the schematic of FIG.2 is intended to illustrate the basic concepts of negotiation of areinsurance risk and is in no way intended to limit the scope or spiritof the present invention. For example, while FIG. 2 illustrates threeseparate negotiations conducted with three assumers, any number ofnegotiations with any number of assumers can be conducted within thescope of the present invention. Additionally, while there areillustrated five negotiations stages, any number of stages could beconducted to finalize the negotiation. An agreement can also be reachedwith any number of assumers.

FIG. 2 also illustrates a market of assumers of reinsurance risk 56. Themarket of potential assumers of reinsurance risk 56 is illustrated ascomprising assumers 58 a-g. In one embodiment of the invention, oncethere is acceptance of the terms between the second assumer 64 and thecedent 55, the assumer can present the risk to the market 56. Each ofthe assumers 58 a-g can accept a portion of the risk subject to theterms of the agreement between the cedent 55 and the assumer 64.

With reference now to FIG. 3 there is shown a schematic diagram of analternative method of negotiating reinsurance of a risk. In theillustrated embodiment the cedent 55 negotiates cooperatively with afirst assumer 102, a second assumer 104, and a third assumer 106 toachieve consensus by syndication.

In the first stage of negotiations 101 the insurer makes a submission ofa risk for reinsurance 103 to a first assumer 102, a second assumer 104,and a third assumer 106. In one embodiment of the present invention, theassumers 102, 104, and 106 are cognizant of each assumer to whom thesubmission is made. In an alternative embodiment, the submission isconveyed to the assumers 102, 104, and 106 without the assumers beingaware of one another.

In the second stage of the negotiation 110, the assumers 102, 104, and106 provide a response to the submission 103 of the cedent 55. Theresponse of the first assumer 102 is an offer 112 to the cedent 55.Similarly, the response of the second assumer 104 is an offer 114 to thecedent 55. The response of the third assumer 106 is also an offer 116 tothe cedent 55. As was discussed with respect to FIG. 2, the potentialresponses to a submission by the cedent 55 are not limited to offers. Aplurality of different types and combinations of responses from theassumers are possible.

In the third stage of the negotiation 120, the cedent 55 makes a replyto the first assumer 102, the second assumer 104, and the third assumer106. The reply is a counteroffer 126 based on the offer 116 of the thirdassumer 106. In using a syndication model as illustrated in FIG. 3, oneresponse becomes the basis for the reply given to all assumers. Theresponse that is closest to the terms desired by the cedent 55 is usedto formulate a standard reply that is then made to all assumerscontinuing to participate in the negotiation.

Based on the cedent's counteroffer 126 the assumers provide a responseto the cedent 55. The response of the first assumer 102 is a refusal ofthe counteroffer 132. The refusal of the counteroffer 132 terminates thenegotiation with the first assumer 102. The response of the secondassumer 104 is a counteroffer 134. Similarly, the response of the thirdassumer 106 is a counteroffer 136. As discussed with reference to FIG.2, there can be a plurality of types and combinations of responses tothe counteroffer in the negotiation of reinsurance of a risk.

In the fourth and concluding stage of the negotiation 140 the cedent 55makes a reply to the second assumer 104 and the third assumer 106. Thereply of the cedent 55 is a counteroffer 144 based on the counteroffer134 of the second assumer. As discussed with reference to FIG. 2, thetype of reply of the cedent 55 is not limited to a counteroffer andcould include a variety of types of replies. Once the reply has beenreceived, the second assumer 104 and the third assumer 106 provide aresponse to the cedent's counteroffer 144. The response of the secondassumer 104 is an acceptance of the counteroffer 154. The response ofthe third assumer 106 is also an acceptance of the counteroffer 156.Multiple acceptances of the counteroffer can be dealt with in differentways. The cedent 55 can decide to submit a request to bind only to oneassumer. Alternatively, the cedent 55 can request that one or moreassumers assume a portion of the risk. Alternatively, the cedent 55 canuse the acceptance as the basis for further negotiation with bothassumers.

With reference now to FIG. 4 there is shown a block diagram illustratingthe logic of a negotiation for reinsurance of a risk. In the method, acedent creates a submission of a risk for reinsurance in step 200. Thesubmission of the risk for reinsurance is received in step 201. Afterthe submission is received, the submission is conveyed to the one ormore assumers of reinsurance risk in step 202. Once the submission ofthe risk has been conveyed, a determination of a response type receivedfrom an assumer is conducted in step 204. If the response is a refusalto quote, the refusal to quote is conveyed to the cedent in step 210.After conveying the refusal to quote, the determination of whether aresubmission has been received from the cedent is made in step 212. If aresubmission has been received, the resubmission is conveyed to one ormore assumers in step 202. If no resubmission has been received, thenegotiation is terminated in step 214.

Returning to the determination of response type conducted in step 204,if the response is a request for more information, the request for moreinformation is conveyed to the cedent in step 220. Once the request formore information is received, the determination of whether aresubmission has been received is conducted in step 212. If aresubmission has been received, the resubmission is conveyed to one ormore assumers in step 202. If no resubmission has been received, thenegotiation is terminated in step 214.

Again returning to the determination of response type conducted in step204, if the response is an offer/quote, the offer/quote is conveyed tothe cedent in step 230. Once the offer/quote has been conveyed to theuser, a determination of the type of reply received from the cedent isconducted in step 232. In the logic diagram of the FIG. 4, the responsetype received from the cedent can be a counteroffer, a refusal of thequote/offer, or an acceptance/ request to bind. The response types arenot limited to counteroffers, quotes/offers, or acceptances/requests tobind in the present invention. However, to clearly illustrate the logicof reinsurance negotiations these response types are sufficient todemonstrate the steps of reinsurance negotiations. It will be understoodthat additional response types are possible without departing from thescope or spirit of the present invention.

In the event that the reply from the cedent is a counteroffer, thecounteroffer is conveyed to the assumer in step 240. Once thecounteroffer is conveyed to the assumer, the method returns to adetermination of the response types received from the assumer in step204 and the subsequent steps in the method.

In the event that the reply from the cedent is a refusal of thequote/offer, the refusal of the quote/offer is conveyed to the assumerin step 260. Once the refusal quote/offer has been conveyed to theassumer, the determination of whether a response comprising a requotehas been received from the assumer is conducted in step 262. In theevent that a requote/reoffer has been received the reqoute/reoffer isconveyed to the cedent in step 230.

In the event that the reply from the cedent is an acceptance/request tobind, the acceptance/request to bind is conveyed to the assumer in step250. Once the acceptance/request to bind is conveyed to the assumer, adetermination of the response type received from the assumer is executedin step 252. In the logic diagram of the FIG. 4, the reply from thecedent can be a refusal to bind, an agreement, or a counteroffer. Thereply types are not limited to a refusal to bind, an agreement, or acounteroffer. However, to clearly illustrate the logic of reinsurancenegotiations these reply types are sufficient to demonstrate the stepsof reinsurance negotiations. It will be understood that additional replytypes are possible without departing from the scope or spirit of thepresent invention.

If the reply type is a refusal to bind, the refusal to bind is conveyedto the cedent in step 256. Once the refusal to bind is conveyed to thecedent, the negotiation is terminated in step 257. In an alternativeembodiment of the present invention, the refusal to bind does notnecessarily result in a termination of the negotiation. In thealternative embodiment, the cedent can provide a resubmission in aneffort to continue the negotiation with the assumer.

If the response type is a counteroffer, the counteroffer is conveyed tothe cedent in step 258. Once the counteroffer has been conveyed to thecedent, the method returns to the step of determining the reply typereceived from the cedent in step 232.

If the response is an agreement, the agreement is conveyed to the cedentin step 254. The agreement can be embodied in a variety of formsincluding a summary of the agreement, a binder, a certificate, or apolicy. Additionally, the agreement may be formalized by the partiesusing a variety of methods including, but not limited to, digitalsignatures from one or all parties, multiple independent digitalsignatures iteratively appended to the document from each party, one ormore actual signatures from a copy of the agreement which is printed andsubsequently signed, or any combination of the above. Once an agreementhas been reached and the formalizations have been conveyed to theparties, the negotiation can be concluded in step 255.

An agreement and conveyance of the formalizations does not necessarilyconclude the negotiation. Once an agreement has been reached and theformalizations have been conveyed to the parties, an endorsement/requestfor an alteration of the terms agreed upon by the parties during thenegotiation can be received in step 260. Once an endorsement/request isreceived, a determination of whether the assumer or cedent sent theendorsement is conducted in step 262. If the assumer created theendorsement, the endorsement/request is conveyed to the cedent in step264. Once the endorsement/request has been conveyed to the cedent, themethod returns to the step of determining the reply type received fromcedent in step 232. If the cedent created the endorsement, theendorsement/request is conveyed to the assumer in step 266. Once theendorsement/request has been conveyed to the cedent, the method returnsto the step of determining the response type received from the assumerin step 252.

The logic diagram illustrated in FIG. 4 illustrates how a negotiationfor the reinsurance of a risk is conducted. By allowing the cedent andassumer to iteratively submit responses, replies, resubmissions, andendorsements, the present invention provides flexibility in conductingthe reinsurance negotiation. By monitoring the submissions, responses,and replies exchanged during stages of the negotiation, the presentinvention allows users to access information related to the presentstage of the negotiation as well as information relating to other stagesof the negotiation. Providing an interactive interface to access theinformation as well as input submissions, responses, and replies greatlyfacilitates the negotiation of reinsurance risks in a networkarchitecture.

With reference now to FIG. 5 there is shown various conditionsassociated with a negotiation for reinsurance of a risk. The conditionsare divided into risk conditions 300 a, submission/reply conditions 310a, response conditions 320 a, and negotiation conditions 330 a. Riskconditions 300 a illustrate the state of the risk for which reinsuranceis being sought before, during, and after the reinsurance negotiation.Submission/reply conditions 310 a illustrate various states associatedwith cedent actions conducted during and after the negotiation ofreinsurance. Response conditions 320 a illustrate various statesassociated with assumer actions conducted during and after thenegotiation of reinsurance. The negotiation related conditions 330 aidentify various states of the reinsurance negotiation pendingadditional action of the cedent or the assumer during the negotiationfor reinsurance of a risk.

Risk conditions 300 a illustrate the state of the risk for whichreinsurance is being sought. Risk conditions comprise a draftedsubmission 300, a submitted risk 302, a retracted submission 304, acompleted/placed submission 306, and a deleted submission 304. A draftedsubmission 300 is a risk for which a drafted submission has beencompleted. A submitted risk 302 is a risk that has been submitted forreinsurance. A retracted submission 304 is a risk that has beentemporarily retracted from consideration for reinsurance. Acompleted/placed submission 306 is a risk for reinsurance has beenacquired and the risk has been bound. A deleted submission 308 is a riskthat has permanently been deleted from consideration for reinsurance308.

Submission/reply conditions 310 a illustrate various states associatedwith cedent actions conducted during and after the negotiation ofremsurance. Submission/reply conditions compuse a submitted condition310, a resubmitted condition 312, a counteroffer condition 314, a boundcondition 316, a refused condition 318, and a retracted condition 319.The submitted condition 310 is a submission/reply condition when a riskhas been submitted for reinsurance. The resubmitted condition 312 is asubmission/reply condition when a risk has been resubmitted after aninitial submission of the risk. The counteroffer condition 314 is asubmission/reply condition when a cedent makes a counteroffer to anassumer's offer, quote, or counteroffer. The bound condition 316 is asubmission/reply condition when a risk is bound subsequent to anegotiation for reinsurance of a risk. The refused condition 318 is asubmission/reply condition when a risk is refused by an assumer forconsideration for reinsurance. The retracted condition 319 is asubmission/reply condition when a risk is retracted by a cedent forreinsurance consideration.

Response conditions 320 a illustrate various states associated withassumer actions conducted during and after the negotiation ofreinsurance. The response conditions comprise an information requestedcondition 320, a quote/offer condition 322, a requote condition 323, anexpired condition 324, a not taken up condition 325, a bound condition326, and a retracted condition 328. The information requested condition320 is a response condition when additional risk related information hasbeen requested by the assumer. The quote/offer condition 322 is aresponse condition when a quote/offer has been given for the assumptionof a risk. The requote condition 323 is a response condition when arequote is given subsequent to an earlier quote for assumption of arisk. The expired condition 324 is a response condition when a timecontingency placed on a quote or offer has expired. The not taken upcondition 325 is a response condition when a quote or offer given by anassumer is not taken up by a cedent. The bound condition 326 is aresponse condition for a quote or offer that has resulted in the bindingof a risk. The retracted condition 328 is a response condition for aquote or offer that is retracted subsequently to being given.

The negotiation related conditions 330 a identify various states of thereinsurance negotiation pending additional action by the cedent or theassumer during the negotiation for reinsurance of a risk. The negotiatedrelated conditions comprise a submission needing a response condition330, a request for information condition 332, a quote/offer pendingreview of a cedent condition 334, a counteroffer pending review of anassumer condition 336, an agreement pending review of cedent condition338, a not taken up condition 340, an expired condition 342, a refusedcondition 344, a bound waiting for certificate condition 346, a boundcertificate provided condition 348, and a retracted condition 349.

The submission needing a response condition 330 is a negotiationcondition where a submission for reinsurance has been received but noresponse to the submission has been received. The request forinformation condition 332 is a negotiation condition where a request foradditional information has been received for a posted submission. Thequote/offer pending review of a cedent condition 334 is a negotiationcondition where a quote/offer is pending review by the cedent. Thecounteroffer pending review of an assumer condition 336 is a negotiationcondition where a counteroffer has been received but no response to thecounteroffer has been received from the assumer. The agreement pendingreview of cedent condition 338 is a negotiation condition where anagreement between the parties has been reached but the cedent has notsubmitted a request to bind the risk. The not taken up condition 340 isa negotiation condition where an agreement between the parties has beenreached but the cedent has not, and will not, request that the risk bebound. The expired condition 342 is a negotiation condition where a timecontingent given with quote, submission, or offer has expired. Therefused condition 344 is a negotiation condition where a quote, offer,counteroffer, or requote from the assumer or cedent has received a replyor a response of refusal of the quote, offer, counteroffer, or requote.The bound waiting for certificate condition 346 is a negotiationcondition where a risk is bound and the cedent is waiting for acertificate from the assumer. The bound certificate provided condition348 is a negotiation condition where the risk has been bound and thecertificate has been provided by the assumer. The retracted condition349 is a negotiation condition where a quote, offer, or requote has beenretracted from consideration subsequent to being given to a cedent.

A direct relationship exists between the risk conditions,submission/reply conditions, negotiation conditions, and responseconditions illustrated in FIG. 5. There are many ways to arrive at anygiven condition. To understand the ways in which different conditionsare reached FIGS. 2, 3, and 4 and the associated explanation ofreinsurance negotiations can be utilized. It will also be appreciatedthat the described conditions are included for illustrative purposes andshould not be considered to limit the scope of the present invention.Any type, number, and combination of conditions can be utilized withoutdeparting from the spirit of the present invention.

With reference now to FIG. 6, there is shown a submission interface 360of the present invention. The submission interface 360 allows a user toprepare and post a submission of a risk for reinsurance. The user can bea cedent or a broker who acts as an intermediary between a cedent and anassumer. The submission interface is comprised of fields for inputtingrisk related information and reinsurance related information. The fieldsfor inputting risk related information include fields 362, 364, and 370.The fields for inputting reinsurance related information include fields380, 390, and 392. There is also shown a submit button 394 and asubmission header 396. The submit button 394 allows a cedent to submit acompleted submission to one or more assumers. The submission header 396provides interactive access to submission administrative informationsuch as submission date, submission number, or any other information toassist the users or system in processing the submission.

The fields for inputting risk related information comprise an Insurancepolicy information field 362 and a policy classification field 370. Theinsurance policy information field 362 allows the user to inputinformation related to an insurance policy issued by the cedent to aninsured. Policy information is useful in the context of reinsurancenegotiations due to the fact that the risk to be reinsured is typicallyan insurance policy issued by the cedent to an insured.

The policy classification field 370 allows users of various levels ofsophistication and experience to efficiently and correctly input policyrelated information in a manner that allows assumers to reviewinformation in an organized fashion. The policy classification field 370comprises a class selector list 372, a policy type selector list 374,and a template selector list 376. The class selector list 372 provides alisting of policy classifications. By viewing the list 372 the user isable to identify and select the appropriate class of policy from asuperset of policy classifications. The policy type selector list 374provides a subset of policy types within the policy class selected bythe user in association with the class selector button 374. By viewingpolicy type list 374 the user is able to select a policy type from thesubset of policy types.

Once a policy class and type has been identified, the user can select aprepared template using the template selector list 376. The templateselector list 376 provides a variety of templates that are configured toallow entry of policy and risk information typically associated with thepolicy class and type. For example, if the user is seeking reinsuranceof home flood policy risks, the user will first view the class selectorlist 372. The user will then be presented with class of risk that caninclude commercial, personal, home, auto. The user will then select thehome classification. The user will then view the policy type selectorlist 374 which will present the user with a subset of home type risksthat can include, homeowners, flood, theft, liability, or umbrella. Theuser will select flood policy type. The user will then view the templateselector list 376 which presents the user with several templatesspecially configured to allow users to input information typicallyassociated with home flood policies. By inputting the information intothe template, the user can provide all the necessary risk informationrelated to the policy.

The fields for inputting reinsurance related information comprise areinsurance classification and request field 380, a requireddistribution field 390, and a distribution preferences field 392. Thereinsurance classification and request field 380 allows the users ofvarying degrees of experience and sophistication to input informationneeded to identify the type of desired reinsurance and the proposedterms for the reinsurance in an organized and efficient manner. Thereinsurance classification and request field 380 comprises a reinsuranceselector button 382, a perils selector button 384, and a currencyselector button 386, and a proposed terms field 388. The reinsuranceselector button 382 is an interactive link allows the user to identifyand select a type of reinsurance. By clicking on the button 382 the useris presented with reinsurance types associated with the policy typepreviously selected. The user can then identify and select thereinsurance type desired.

The perils selector button 384 is an interactive link that allows usersto identify and select the perils associated with the risk for whichthey are seeking reinsurance. By clicking on the perils selector button384 the user is presented with a list of perils typically associatedwith the type of reinsurance previously selected. The user can identifyand select the perils for which they are seeking reinsurance or whetherthe reinsurance will be following form. The perils selector button 384may also be configured to present the user with a custom informationwindow for inputting additional perils not listed. The currency selectorbutton 386 allows users to input the type of currency in which the riskis to be insured. This allows users to insure risks from various regionsof the world in the appropriate currency for the area. The proposedterms field 388 allows the cedent to select the proposed terms for thereinsurance. The proposed terms include the risks to be covered, theamount of reinsurance, the reinsurance rates, and other applicable termsof reinsurance.

The required distribution field 390 allows the cedent and/or the brokerto identify assumers to whom the submission must be conveyed. Thisallows the cedent and/or the broker and unprecedented level of controlover distribution of submission information. For example, if a cedent isworking with a broker, by using the required distribution field 390 thecedent is assured that certain assumers will receive the submission of arisk. Accordingly, the cedent is assured that the broker is notextracting agent rents from the reinsurance contract by conveying thesubmission only to broker preferred providers. This also allows thecedent to ensure that assumers preferred by the cedent have the abilityto make an offer for the reinsurance of the risk.

The distribution preference field 392 allows the users to select a listof assumers to whom the submission can be conveyed. The distributionpreferences field 392 allows the cedent and/or the broker to limit thoseassumers receiving the submission without requiring that all assumersavailable will receive the submission. In an alternative embodiment ofthe present invention, the distribution preference field 392additionally, or alternatively, allows a user to select those assumersto whom the submission may not be conveyed. Both the requireddistribution field 390 and the distribution preferences field 392 can berealized in a variety of configurations without departing from the scopeor spirit of the present invention. For example, fields 390 and 392 canbe configured to comprise interactive links to a listing of reinsuranceassumers. Alternatively, the fields can be configured to allow custominput of assumers and assumer information. Additionally, the fieldsconfigured to comprise both interactive listings and custom input. Byutilizing both the required distribution field 390 and distributionpreferences field 392 the present invention allows the cedent and/or thebroker unprecedented control over those assumers who will receive thesubmission for reinsurance of a risk and have the opportunity to providea response to the submission.

With reference now to FIG. 7 there is shown a negotiation interface 400of the present invention that is used for facilitating a negotiation.The illustrated embodiment of the negotiation interface is a cedenthomepage. Accordingly the fields of the negotiation interface 400 aretailored to assist the cedent and/or broker in viewing negotiationinformation and allowing the user to continue or conclude thenegotiation. It will be appreciated that the negotiation interface 400can also be configured to comprise an assumer homepage that is tailoredto assist the assumer in viewing negotiation information and allowingthe assumer to continue or conclude the negotiation. For example, theassumer homepage can include fields for providing responses tosubmissions and replies received from one or more cedents with whom theassumer is negotiating. Additionally, the assumer homepage can includefields for monitoring various stages of each negotiation for reinsuranceof a risk.

FIG. 7 illustrates a negotiation interface 400 comprising a quotes toreview field 410, an endorsements field 420, a messages to review field430, a submissions summary field 440, and a negotiation review field460. There is also shown an interface header 490 for allowing access tointerface related information; a interface menu 492 for allowing accessto menu tools associated with the interface; and a interface footer 494for allowing access to additional information useful for administrationof the interface.

The quotes to review field 410 provides cedents and brokers access toquote, offers, and other related assumer responses. By providing accessto quotes and offers the quotes review field 410 allows cedents andbrokers to quickly identify offers and quotes that have been receivedbut have not been reviewed by the cedent or broker. Accordingly the usercan quickly and efficiently identify new quotes received for submissionspreviously posted.

The endorsements field 420 provides cedents and brokers access toendorsements received from the assumer that are in negotiation by thecedent or broker. As previously discussed an endorsement is a requestfor an alteration of the terms agreed upon by the parties during thenegotiation. By providing access to all endorsements in negotiation, theendorsement field 420 allows users to quickly and efficiently identifyall endorsements that are part of the ongoing negotiation without havingto review each negotiation.

The messages to review field 430 provides access to custom messages sentin the context of reinsurance negotiations. Much like fields 410 and420, the messages to review field 430 allows users to identify messagessent from assumers without requiring the user to review each negotiationto determine whether n endorsement has been submitted. The submissionssummary field 440 provides access to information related to eachsubmission. In one embodiment, submissions summary field 440 is aninteractive link that provides access to a submission detail interfacethat has all of the detailed information relating to each submission.

The negotiation review field 460 provides negotiation relatedinformation for each submission negotiation. The negotiation reviewfield comprises a first submission summary field 470 and a secondsubmission negotiation summary field 480. The first submission summaryfield 470 provides summary negotiation information for a firstsubmission. The first submission summary field includes a negotiationinformation window 472. The negotiation information window 472 includesnegotiation information 474. In the illustrated embodiment, thenegotiation information window 472 is a interactive window and allowingeither summary or detailed access to negotiation information 474. Byclicking on the negotiation information window, negotiation information474 is provided to the user in a more detailed format. In one embodimentof the present invention, the negotiation information 474 comprisesdetailed listings of new negotiation information. In the embodiment, thedetailed listings provide a hyperlink to a negotiation page displayingthe actual responses and/or replies corresponding to the detailedlistings.

The second submission negotiation summary field 480 provides identicalfunctionality to the first negotiation summary field 470 for a secondsubmission negotiation. In one embodiment of the present invention,fields 470 and 480 provide access to first and second negotiations for asingle submission. In an alternative embodiment, fields 470 and 480provide access to all negotiations for first and second submissions. Inthe preferred embodiment of the present invention, the negotiationreview field 460 can be tailored according to the number of submissionsand negotiations to provide the most convenient access to allnegotiations for each submission for a given cedent. While theillustrated embodiment shows first and second negotiation informationwindows, a variety of numbers and configurations of negotiationinformation windows are possible within the scope of the presentinvention. As will be understood by those skilled in the art, the fieldsdiscussed with reference to the negotiation interface 400 are includedfor illustrative purposes and are not to be considered limiting in anysense. The negotiation interface 400 can be configured with a variety offields that can be arranged in a variety of configurations for allowingthe user to access negotiation information without departing from thescope or spirit of the present invention.

With reference now to FIG. 8 there is shown a negotiation detailinterface 500. The negotiation detail interface facilitates reinsurancenegotiations by allowing users to access submissions, replies, andresponses for any stage of the negotiation and by further allowing usersto input replies and responses to continue or conclude the negotiation.The negotiation interface 500 comprises windows 510, 520, 530, 540, 550,560, and 570 for viewing submissions, replies, and responses and forinputting additional replies and responses. The negotiation interfacealso comprises buttons 584, 586, 588, and 589 for submitting replies andresponses.

The windows of the negotiation interface 500 include a submissioninformation window 510, a comment field 520, a negotiation detail window530, a negotiation alternates window 540, a conditions window 550, aexclusions window 560, and an attach files window 570. The submissioninformation window 510 provides interactive access to submissioninformation. The submission window 510 comprises a submission summarywindow 512 and a submission detail button 514. The submission summarywindow 512 provides summary information for identifying key submissioninformation. The submission detail button 514 provides access todetailed submission information such as policy information andreinsurance information. The detailed submission information can bepresented to users in a variety of formats such as in a pop up screen orby through a separate submission detail interface.

The negotiation comment field 520 provides access to comments includedas part of submissions, responses, and replies as well as permits usersto enter additional comments. By providing access to the comments in adedicated window, the present invention enables users to quickly andefficiently determine whether new comments have been received. The usersare thus able to review the comments without having to review the entirenegotiation to determine whether any comments have been sent. Thenegotiation comment field 520 comprises a field for allowing users toview comments and input of new comments and includes a comment historybutton 524. The new comment field 520 allows users to view new commentsreceived as part of a response or reply from other parties in thenegotiation. The comment field 520 also allows users to input commentsin conjunction with a response or reply to be submitted to another partyin the negotiation. The comment history button 524 allows users toaccess all comments provided during various stages of the negotiation.The enter comments field 520 can also be configured to stamp commentswith the time, date, and identification information of the person makingcomments.

The negotiation detail field 530 allows users to view submissions,responses, and replies and the corresponding information exchangedduring various stages of the negotiation. The negotiation detail field530 further allows users and to provide a response or reply to continueor conclude the negotiation. The negotiation detail field 530 include aprovide input field 532, a last response field 534, a lastsubmission/reply field 536, and a view complete history button 538. Theprovide input field 532 allows users to input a reply or response tocontinue or conclude the negotiation. The last response field 534 allowsusers to view the last response given by an assumer. The lastsubmission/reply field 536 allows the users to view the last inputreceived from a cedent whether the input was a submission or a reply.The view complete history button 538 allows the user to view eachsubmission, reply, or response exchanged during each stage of thenegotiation.

The negotiation alternates window 540 allows users to view alternateoffers received as part of a response, reply, or submission. Reinsurancenegotiations often include alternative terms by which a risk may bereinsured. Such alternative terms can relate, for example, to price,duration, liability limits, or any term for which reinsurancenegotiation risks are conducted. For example, an assumer may offer ahigher liability coverage to cover a greater portion of the risk with ahigh price and an alternative lower liability coverage for a smallerportion of the risk with a lower price in a single offer. Thenegotiation alternates window 540 allows the users to view bothalternatives.

The negotiation alternates window 540 comprises a provide input toalternatives button 542, a last response alternatives button 544, a lastsubmission/reply alternative button 546, and a define another layerbutton 548. The provide input to alternatives button 542 allows a userto input alternatives as part of a reply or submission to be conveyed tothe other party to the negotiation. The last response alternativesbutton 544 allows the user to view alternatives associated with the lastresponse provided by the assumer. The last submission/reply alternativesbutton 546 allows the users to view the alternatives associated with thelast submission/reply provided by the cedent. The define another layerbutton 548 allows users to create additional alternative layersassociated with layers presently being input or viewed.

The conditions field 550 allows users to enter custom conditions to beincluded as part of a response or reply. The exclusions field 560 allowsusers to enter custom exclusions to be included as part of a response orreply. The attach files field 570 allows users to attach files requestedas part of additional information request by an assumer or for any otherpurpose where attaching a file to a response or a reply might be useful.

Buttons for submitting replies and responses comprise a submitcounteroffer button 584, a refuse quote/offer button 586, a resubmitsubmission button 588, and a request to bind/acceptance button 589. Thebuttons 584, 586, 588, and 589 allow the users to submit a reply or aresponse with its associated intent. The submit counteroffer button 584allows a user to submit a counteroffer to the other party to thenegotiation. The refuse quote/offer button 586 allows the parties toconvey a refusal a quote, offer, counteroffer, endorsement, or otherrelated reply or response. The resubmit submission button 588 allows acedent to resubmit a revise or unrevised version of a previoussubmission to one or more assumers. A request to bind/acceptance button589 allows parties to convey an acceptance of a quote, offer,counteroffer, endorsement, or other related reply or response from theother party to the negotiation.

The fields, windows, buttons, and the associated functionality of thenegotiation interface 500 discussed with reference to FIG. 8 areillustrative and in no sense are to be considered limiting in scope. Avariety of fields, windows, buttons and associated functionality arepossible without departing from the scope or spirit of the presentinvention. For example, the negotiation interface can includefunctionality requiring the cedent to take action with respect to agroup of responses before allowing action to be taken with a givenresponse (i.e. requiring a cedent to decline all outstanding offersbefore binding a risk.) The negotiation interface can also includefunctionality allowing the user to maintain a file for holding acedent's unassumed submissions and assumed reinsurance risks. The filecan permit the cedent to access information related to the unassumedsubmissions and the assumed reinsurance risks.

Also illustrated in FIG. 8 are a negotiation detail header 580, anegotiation detail menu 582, and a negotiation footer 590. Thenegotiation detail header 580 provides access to negotiation headeradministrative information. The negotiation detail menu 582 allowsaccess to tools providing additional negotiation functionality tofacilitate reinsurance negotiations. The negotiation footer 590 providesadditional administrative information to assist in the processing ofnegotiation submissions, response, and replies.

In the illustrated embodiment of the present invention the submissionnegotiation detail interface 500 provide access to a single negotiationfor a single submission. In an alternative embodiment of the presentinvention the negotiation detail interface 500 provide access to two ormore negotiations for a single submission. In yet another embodiment ofthe present invention the negotiation interface provides access to allnegotiations for each submission for a given cedent, broker, or assumer.

As will be understood by those skilled in the art, the interfacesillustrated in FIG. 6, FIG. 7, and FIG. 8 are included for illustrativepurposes. Additional interfaces can be used to facilitate access tonegotiation information and to facilitate the input and conveyance ofnegotiation information within the scope and spirit of the presentinvention.

Embodiments within the scope of the present invention also includecomputer-readable media for carrying or having computer-executableinstructions or data structures stored thereon. Such computer-readablemedia can be any available media that can be accessed by a generalpurpose or special purpose computer. By way of example, and notlimitation, such computer-readable media can comprise RAM, ROM, EEPROM,CD-ROM or other optical disk storage, magnetic disk storage or othermagnetic storage devices, or any other medium which can be used to carryor store desired program code means in the form of computer-executableinstructions or data structures and which can be accessed by a generalpurpose or special purpose computer. When information is transferred orprovided over a network or another communications connection (eitherhardwired, wireless, or a combination of hardwired or wireless) to acomputer, the computer properly views the connection as acomputer-readable medium. Thus, any such connection is properly termed acomputer-readable medium. Combinations of the above should also beincluded within the scope of computer-readable media.Computer-executable instructions comprise, for example, instructions anddata which cause a general purpose computer, special purpose computer,or special purpose processing device to perform a certain function orgroup of functions.

FIG. 9 and the following discussion are intended to provide a brief,general description of a suitable computing environment in which theinvention may be implemented. Although not required, the invention willbe described in the general context of computer-executable instructions,such as program modules, being executed by computers in networkenvironments. Generally, program modules include routines, programs,objects, components, data structures, etc. that perform particular tasksor implement particular abstract data types. Computer-executableinstructions, associated data structures, and program modules representexamples of the program code means for executing steps of the methodsdisclosed herein. The particular sequence of such executableinstructions or associated data structures represents examples ofcorresponding acts for implementing the functions described in suchsteps.

Those skilled in the art will appreciate that the invention may bepracticed in network computing environments with many types of computersystem configurations, including personal computers, hand-held devices,multi-processor systems, microprocessor-based or programmable consumerelectronics, network PCs, minicomputers, mainframe computers, and thelike. The invention may also be practiced in distributed computingenvironments where tasks are performed by local and remote processingdevices that are linked (either by hardwired links, wireless links, orby a combination of hardwired or wireless links) through acommunications network. In a distributed computing environment, programmodules may be located in both local and remote memory storage devices.

With reference to FIG. 9, an exemplary system for implementing theinvention includes a general purpose computing device in the form of aconventional computer 620, including a processing unit 621, a systemmemory 622, and a system bus 623 that couples various system componentsincluding the system memory 622 to the processing unit 621. The systembus 623 may be any of several types of bus structures including a memorybus or memory controller, a peripheral bus, and a local bus using any ofa variety of bus architectures. The system memory includes read onlymemory (ROM) 624 and random access memory (RAM) 625. A basicreply/output system (BIOS) 626, containing the basic routines that helptransfer information between elements within the computer 620, such asduring start-up, may be stored in ROM 624.

The computer 620 may also include a magnetic hard disk drive 627 forreading from and writing to a magnetic hard disk 639, a magnetic diskdrive 628 for reading from or writing to a removable magnetic disk 629,and an optical disk drive 630 for reading from or writing to removableoptical disk 631 such as a CD-ROM or other optical media. The magnetichard disk drive 627, magnetic disk drive 628, and optical disk drive 630are connected to the system bus 623 by a hard disk drive interface 632,a magnetic disk drive-interface 633, and an optical drive interface 634,respectively. The drives and their associated computer-readable mediaprovide nonvolatile storage of computer-executable instructions, datastructures, program modules and other data for the computer 620.Although the exemplary environment described herein employs a magnetichard disk 639, a removable magnetic disk 629 and a removable opticaldisk 631, other types of computer readable media for storing data can beused, including magnetic cassettes, flash memory cards, digitalversatile disks, Bernoulli cartridges, RAMs, ROMs, and the like.

Program code means comprising one or more program modules may be storedon the hard disk 639, magnetic disk 629, optical disk 631, ROM 24 or RAM25, including an operating system 635, one or more application programs636, other program modules 637, and program data 638. A user may entercommands and information into the computer 620 through keyboard 640,pointing device 642, or other reply devices (not shown), such as amicrophone, joy stick, game pad, satellite dish, scanner, or the like.These and other reply devices are often connected to the processing unit621 through a serial port interface 646 coupled to system bus 623.Alternatively, the reply devices may be connected by other interfaces,such as a parallel port, a game port or a universal serial bus (USB). Amonitor 647 or another display device is also connected to system bus623 via an interface, such as video adapter 648. In addition to themonitor, personal computers typically include other peripheral outputdevices (not shown), such as speakers and printers.

The computer 620 may operate in a networked environment using logicalconnections to one or more remote computers, such as remote computers649 a and 649 b. Remote computers 649 a and 649 b may each be anotherpersonal computer, a server, a router, a network PC, a peer device orother common network node, and typically include many or all of theelements described above relative to the computer 620, although onlymemory storage devices 650 a and 50 b and their associated applicationprograms 636 a and 636 b have been illustrated in FIG. 1. The logicalconnections depicted in FIG. 1 include a local area network (LAN) 651and a wide area network (WAN) 657 that are presented here by way ofexample and not limitation. Such networking environments are commonplacein office-wide or enterprise-wide computer networks, intranets and theInternet.

When used in a LAN networking environment, the computer 620 is connectedto the local network 651 through a network interface or adapter 653.When used in a WAN networking environment, the computer 620 may includea modem 659, a wireless link, or other means for establishingcommunications over the wide area network 657, such as the Internet. Themodem 659, which may be internal or external, is connected to the systembus 623 via the serial port interface 646. In a networked environment,program modules depicted relative to the computer 620, or portionsthereof, may be stored in the remote memory storage device. It will beappreciated that the network connections shown are exemplary and othermeans of establishing communications over wide area network 657 may beused.

The present invention may be embodied in other specific forms withoutdeparting from its spirit or essential characteristics. The describedembodiments are to be considered in all respects only as illustrativeand not restrictive. The scope of the invention is, therefore, indicatedby the appended claims rather than by the foregoing description. Allchanges which come within the meaning and range of equivalency of theclaims are to be embraced within their scope.

1. A method for enabling a cedent associated computing system,comprising a cedent computing system or a cedent's broker computingsystem, to negotiate a reinsurance of a risk with a plurality ofassumers through a host computing system, which is connected to thecedent associated computing system through the Internet or anothercomputing network, wherein the negotiation for reinsurance of the riskis conducted through various stages of negotiation between the cedentassociated computing system and the plurality of assumers, the methodcomprising: the cedent associated computing system creating a submissionof risk for reinsurance with one or more interfaces provided by the hostcomputing system, the submission of risk for reinsurance including arisk record describing an initial insurance of a risk for whichreinsurance is being sought and information relating to a type ofreinsurance being sought by a cedent; the cedent associated computingsystem identifying, through the one or more interfaces provided by thehost computing system, a plurality of assumers that are each intended toreceive the submission of risk for reinsurance; the cedent associatedcomputing system providing input to the host computing system, throughthe one or more interfaces provided by the host computing system, whichcauses the submission of risk for reinsurance to be sent from the hostcomputing system to each of the plurality of assumers, and such thateach of the plurality of assumers receives the same submission of riskfor reinsurance that was created by the cedent associated computingsystem with the one or more interfaces provided by the host computingsystem; the cedent associated computing system receiving, through theone or more interfaces provided by the host computing system one or moreresponses to the submission of risk for reinsurance from one or more ofthe plurality of assurners to whom the submission of risk forreinsurance was conveyed, the received responses indicative of one ormore of the plurality of assumers that are interested in negotiating forreinsurance of the risk, wherein each response comprises one of anoffer, a counteroffer, a quote, a plurality of alternative quotes, arefusal to quote, or an acceptance of a request to bind; the cedentassociated computing system accessing at least one negotiation interfacefrom the one or more interfaces provided by the host computing systemand which includes interface response options for the cedent associatedcomputing system to reply to a corresponding assumer of each receivedresponse, the interface response options comprising at least one of acounter offer option, a refuse offer option, or an accept offer option,wherein when the cedent associated computing system utilizes the counteroffer option, the refuse offer option, or the accept option for replyingto a received response from a corresponding assumer, the host systemconveys a corresponding counter offer, refusal or acceptance to thecorresponding assumer; the cedent associated computing system utilizingthe at least one negotiation interface to reply to at least one receivedresponse from at least one corresponding assumer of the plurality ofassumers; and the cedent associated computing system accessing the atleast one negotiation interface to accesses any additional responses andfor submitting additional replies necessary to continue or conclude thenegotiation with any of the plurality of assumers.
 2. The method recitedin claim 1, wherein the cedent associated computing system comprises acomputing system of the cedent.
 3. The method recited in claim 2,wherein the risk record is constructed with information obtained by thecedent and that is based an association of the cedent with the risk. 4.The method recited in claim 1, wherein the cedent associated computingsystem comprises a broker computing system that is associated with acedent.
 5. The method recited in claim 1, wherein at least one of theplurality of assumers comprises a broker system associated with anassumer.
 6. The method recited in claim 1, wherein the host system isinterposed between the cedent associated system and the plurality ofassumers.
 7. The method recited in claim 1, wherein the distributionlist includes a list of assumers that should receive the submission aswell as a list of assumers that can optionally receive the submission.8. The method recited in claim 1, wherein submitting information forreinsurance further comprises an act of classifying policy informationof the risk to be reinsured and which further includes: selecting apolicy class; selecting a policy type from a subset of policy typeswithin the policy class; selecting a template for inputting policyinformation, the template tailored to the policy type; and inputtingpolicy information into the selected template.
 9. The method recited inclaim 1, wherein the act of submitting information for reinsurance of arisk includes inputting underwriting information for the policy forwhich reinsurance is being sought as well as preferred terms ofreinsurance being requested.
 10. The method as recited in claim 1,wherein the cedent associated computing system utilizes an APIassociated with the host system to create the submission of risk,identify of the plurality of assumers, cause the submission of risk tobe sent to each of the plurality of assumers and to submit the at leastone negotiation reply.
 11. The method as recited in claim 1, wherein thecedent associated computing system includes a computing system having aprocessor and stored computer executable instructions which whenexecuted by the cedent associated system enable the cedent associatedsystem to implement the method.
 12. The method as recited in claim 1,wherein the at least one negotiation reply comprises a counteroffer thatis responsive to the assumer response, and wherein the method furtherincludes the cedent associated computing system receiving at least onecounteroffer from the one or more of the plurality of assumers and thatis responsive to the cedent counteroffer.
 13. A computer program productcomprising one or more computer-readable storage media having storedcomputer-executable instructions for implementing the method comprising:the cedent associated computing system creating a submission of risk forreinsurance with one or more interfaces provided by the host computingsystem, the submission of risk for reinsurance including a risk recorddescribing an initial insurance of a risk for which reinsurance is beingsought and information relating to a type of reinsurance being sought bya cedent; the cedent associated computing system identifying, throughthe one or more interfaces provided by the host computing system, aplurality of assumers that are each intended to receive the submissionof risk for reinsurance; the cedent associated computing systemproviding input to the host computing system, through the one or moreinterfaces provided by the host computing system, which causes thesubmission of risk for reinsurance to be sent from the host computingsystem to each of the plurality of assumers, and such that each of theplurality of assumers receives the same submission of risk forreinsurance that was created by the cedent associated computing systemwith the one or more interfaces provided by the host computing system;the cedent associated computing system receiving, through the one ormore interfaces provided by the host computing system one or moreresponses to the submission of risk for reinsurance from one or more ofthe plurality of assumers to whom the submission of risk for reinsurancewas conveyed, the received responses indicative of one or more of theplurality of assumers that are interested in negotiating for reinsuranceof the risk, wherein each response comprises one of an offer, acounteroffer, a quote, a plurality of alternative quotes, a refusal toquote, or an acceptance of a request to bind; the cedent associatedcomputing system accessing at least one negotiation interface from theone or more interfaces provided by the host computing system and whichincludes interface response options for the cedent associated computingsystem to reply to a corresponding assumer of each received response,the interface response options comprising at least one of a counteroffer option, a refuse offer option, or an accept offer option, whereinwhen the cedent associated computing system utilizes the counter offeroption, the refuse offer option, or the accept option for replying to areceived response from a corresponding assumer, the host system conveysa corresponding counter offer, refusal or acceptance to thecorresponding assumer; the cedent associated computing system utilizingthe at least one negotiation interface to reply to at least one receivedresponse from at least one corresponding assumer of the plurality ofassumers; and the cedent associated computing system accessing the atleast one negotiation interface to accesses any additional responses andfor submitting additional replies necessary to continue or conclude thenegotiation with any of the plurality of assumers.
 14. The computerprogram product recited in claim 13, wherein the computer programproduct comprises a computing system and wherein the computer-readablestorage media comprises system memory of the computing system.
 15. Amethod for enabling an assumer associated computing system, comprisingan assumer computing system or an assumer's broker computing system, tonegotiate a reinsurance of a risk with a cedent through a host computingsystem, which is connected to the assumer associated computing systemthrough a network comprising the Internet or another computing network,wherein the negotiation for reinsurance of the risk is conducted throughvarious stages of negotiation, the negotiation for reinsurance andmethod comprising: the assumer associated computing system receiving asubmission of risk for reinsurance from the host system, wherein thesubmission is received by the assumer associated computing system overthe network, as well as by at least one other assumer computing systemassociated with a plurality of different assumers identified by thecedent when the cedent created the submission of risk for reinsurancethrough one or more interfaces provided by the host system, thesubmission of risk for reinsurance including a risk record describing aninitial insurance of a risk for which reinsurance is being sought andinformation relating to a type of reinsurance being sought by thecedent; the assumer associated computing system utilizing the one ormore interfaces provided by the host system to create an assumer offerto the cedent in response to the submission of the risk for reinsurance,the assumer offer providing terms for which reinsurance will be providedto the cedent and corresponding to the submission of risk forreinsurance, wherein the assumer offer is sent to the cedent by the hostsystem; the assumer associated computing system receiving a cedentcounteroffer from the host system corresponding to the submission ofrisk for reinsurance and which was submitted by the cedent through theone or more interfaces provided by the host system and which isresponsive to the assumer offer; the assumer associated computing systemutilizing the one or more interfaces provided by the host system tocreate at least one assumer counteroffer which is transmitted to thecedent by the host system and which is responsive to the cedentcounteroffer; the assumer associated computing system receiving at leastone cedent negotiation reply from the host system, which was submittedby the cedent through the one or more interfaces provided by the hostsystem and which is responsive to the assumer counteroffer and whichincludes either a cedent acceptance of terms in the assumer counterofferor, alternatively, a new cedent counteroffer that is indicative of acedent interest in further negotiating with the assumer associatedsystem for the reinsurance, wherein the one or more interfaces includeat least one negotiation interface which includes interface options forthe cedent to submit replies through the host system to the assumerassociated computing system, the interface response options comprising acounter offer option, a refuse offer option, and an accept offer option,wherein when the cedent utilizes the counter offer option, the refuseoffer option, or the accept option, the host system conveyscorresponding information to the assumer associated computing system;and the assumer associated computing system utilizing the one or moreinterfaces provided by the host system to create at least one additionalassumer counteroffer which is transmitted to the cedent by the hostsystem and which is responsive to the at least one cedent negotiationreply if the cedent negotiation reply comprises the new cedentcounteroffer or, alternatively, utilizing the one or more interfacesprovided by the host system to enter into an agreement to providereinsurance to the cedent according to the terms defined by at least theassumer counteroffer if the negotiation reply comprises the cedentacceptance of the terms defined by at least the assumer counteroffer.16. The method recited in claim 15, wherein the assumer associatedcomputing system comprises a computing system of an assumer.
 17. Themethod recited in claim 15, wherein the assumer associated computingsystem comprises a computing system of a broker that is associated withan assumer and that is interposed between the assumer and the hostsystem.
 18. The method recited in claim 15, wherein the method furtherincludes the assumer associated computing system submitting anendorsement to the cedent to request an alteration of the tenns agreedupon by the parties during the negotiation.
 19. The method recited inclaim 15, wherein receiving the submission of the reply from the cedentcomprises receiving a counteroffer from the cedent.
 20. The methodrecited in claim 15, wherein the method further includes receiving anotification in the form of an email having an embedded URL to a websiteof the host system and that links to data concerning the negotiation.21. The method recited in claim 15, wherein the method further includeskeeping information regarding the negotiation for reinsurance betweenthe cedent and the assumer away from the at least one other assumer whoalso received the same cedent submission for the risk of reinsurancethat was received by the assumer and such that said at least one otherassumer is unaware of details of at least the assumer offer and thecedent counteroffer to the assumer offer.
 22. The method as recited inclaim 21, wherein the assumer associated computing system is unaware ofthe at least one other assumer who also received the same cedentsubmission for risk of reinsurance.
 23. A computer program productcomprising one or more computer-readable storage media having storedcomputer-executable instructions for implementing the method comprising:the assumer associated computing system receiving a submission of riskfor reinsurance from the host system, wherein the submission is receivedby the assumer associated computing system over the network, as well asby at least one other assumer computing system associated with aplurality of different assumers identified by the cedent when the cedentcreated the submission of risk for reinsurance through one or moreinterfaces provided by the host system, the submission of risk forreinsurance including a risk record describing an initial insurance of arisk for which reinsurance is being sought and information relating to atype of reinsurance being sought by the cedent; the assumer associatedcomputing system utilizing the one or more interfaces provided by thehost system to create an assumer offer to the cedent in response to thesubmission of the risk for reinsurance, the assumer offer providingterms for which reinsurance will be provided to the cedent andcorresponding to the submission of risk for reinsurance, wherein theassumer offer is sent to the cedent by the host system; the assumerassociated computing system receiving a cedent counteroffer from thehost system corresponding to the submission of risk for reinsurance andwhich was submitted by the cedent through the one or more interfacesprovided by the host system and which is responsive to the assumeroffer; the assumer associated computing system utilizing the one or moreinterfaces provided by the host system to create at least one assumercounteroffer which is transmitted to the cedent by the host system andwhich is responsive to the cedent counteroffer; the assumer associatedcomputing system receiving at least one cedent negotiation reply fromthe host system, which was submitted by the cedent through the one ormore interfaces provided by the host system and which is responsive tothe assumer counteroffer and which includes either a cedent acceptanceof terms in the assumer counteroffer or, alternatively, a new cedentcounteroffer that is indicative of a cedent interest in furthernegotiating with the assumer associated system for the reinsurance.wherein the one or more interfaces include at least one negotiationinterface which includes interface options for the cedent to submitreplies through the host system to the assumer associated computingsystem, the interface response options comprising a counter offeroption, a refuse offer option, and an accept offer option, wherein whenthe cedent utilizes the counter offer option, the refuse offer option,or the accept option. the host system conveys corresponding infonnationto the assumer associated computing system; and the assumer associatedcomputing system utilizing the one or more interfaces provided by thehost system to create at least one additional assumer counteroffer whichis transmitted to the cedent by the host system and which is responsiveto the at least one cedent negotiation reply if the cedent negotiationreply comprises the new cedent counteroffer or, alternatively, utilizingthe one or more interfaces provided by the host system to enter into anagreement to provide reinsurance to the cedent according to the termsdefined by at least the assumer counteroffer if the negotiation replycomprises the cedent acceptance of the terms defined by at least theassumer counteroffer.
 24. The computer program product recited in claim23, wherein the computer program product comprises a computing systemand wherein the computer-readable storage media comprises system memoryof the computing system.